Cybercriminals use many tactics, from phishing schemes to malware, but ransomware and business email compromise (BEC) stand out as particularly pressing threats right now.

According to Insurance Thought Leadership, ransomware attacks are becoming more pernicious. A variant called Maze doesn’t just encrypt data; it threatens to release the stolen data to the public. Meanwhile, Ryuk, another ransomware variation causes complete network shutdowns.

The IC3 says that BEC schemes resulting in more than $1.7 billion in losses in 2019. In these schemes, emails that appear to come from an executive or legitimate business partner make requests, often for wire transfers. Some BEC schemes also aim to divert payroll funds, and the FBI says reports of this variation are becoming more common.